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Real Estate On Key Biscayne Hits The Brakes

April 21st, 2016 Written By Riley Smith

Changes ahead for Key Biscayne Real Estate

I am known for “telling it like it is” in the real estate business, and when the market isn’t performing well I have no problem saying it. Thanks to the strong dollar and fewer international buyers this year, real estate on Key Biscayne has hit the brakes. Sales in both the single-family home market and the condo market have dropped by more than 50% in 2016 compared to the same time last year. There is good news however! We haven’t seen a drop in values….YET. But I do believe that we will see many price reductions in the coming months as sellers become frustrated with the market. Below is a breakdown of the numbers.

Single-Family Homes

Between 1/1/2015 – 4/20/2015: 28 Closed Sales

Between 1/1/2016 – 4/20/2016: 10 Closed Sales

Condos/Townhouses

Between 1/1/2015 – 4/20/2015: 86 Closed Sales

Between 1/1/2016 – 4/20/2016: 47 Closed Sales

If you are interested in working with Realtors who track the market and specialize on Key Biscayne, please contact us. We can be reached anytime at 305-342-1623 or by filling out our contact page here.

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